ERIC Number: EJ887340
Record Type: Journal
Publication Date: 2010-May
Abstractor: As Provided
Reference Count: 28
Promoting Access to Finance by Empowering Consumers--Financial Literacy in Developing Countries
Kefela, Ghirmai T.
Educational Research and Reviews, v5 n5 p205-212 May 2010
This paper is an effort to establish the financial sector in developing countries to promote financial literacy of their customers. This could have access to finance and savings, which in turn support livelihoods, economic growth, sound financial systems, and participate in the economy. The main objectives of this paper is to enhance a bank's visibility in the communities it serves, empowering consumers to take action to improve their financial well-being, and enable consumers to make better-informed choices in the financial market is the ultimate goal. Financial literacy is critical for promoting access to finance by creating incentives and environments that promote desired financial behaviours such as saving, budgeting, or using credit wisely. Having access to savings products or insurance can greatly affect consumers' financial future, and are also likely to represent a higher share of income and thus, have a significant impact on well-being.
Descriptors: Economic Progress, Educational Finance, Developing Nations, Consumer Economics, Consumer Education, Banking, Economic Impact, Influence of Technology, Financial Services, Community Education
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: Adult Education
Authoring Institution: N/A